Financial account holders typically conduct the majority of their transactions in a single currency. People often work and live in the same country and conduct their transactions in the local currency. When people travel, however, it can be inconvenient and expensive to exchange funds to another currency. Exchange assessments are charged, often at high rates, and sometimes the account holders cannot find locations to exchange funds. The locations may be closed or there may be language barriers that prevent convenient transfer of funds. Exchanging currency is both inconvenient and expensive, as well as risking loss when carrying the currency to the foreign country.
Modern handheld mobile devices, such as smart phones or the like, combine multiple technologies to provide the user with a vast array of capabilities. For example, many smart phones are equipped with significant processing power, sophisticated multi-tasking operating systems, and high-bandwidth Internet connection capabilities. Moreover, such devices often have addition features that are becoming increasing more common and standardized features. Such features include, but are not limited to, location-determining devices, such as Global Positioning System (GPS) devices; sensor devices, such as accelerometers; and wireless communication devices.
As the hardware capabilities of such mobile devices have increased, so too have the applications (i.e., software) that rely on the hardware advances. One such example of innovative software is a category known as mobile wallets. A mobile wallet allows a user to manage finances and conduct transaction through a mobile device. Mobile wallets, however, are denominated in single currencies and do not assist users in conducting foreign transactions.
Therefore, a need exists to provide a foreign currency solution to assist financial account holders with exchanging and transacting funds in multiple currencies.